MINNESOTA FORECLOSURE ACTIVITY UP 24 PERCENT IN OCTOBER


Foreclosure Filings StatewideIncrease 61 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 2,660 Minnesotaproperties in October, an increase of 24 percent from the previous month, and61 percent above the level reported for October 2007, according to the latestRealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive nationaldatabase of foreclosure andbank-owned properties, with over 1.5 million properties from over 2,200counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real EstateJournal.

 

“Foreclosure filings are on the rise in Minnesota, especially ascompared to this time last year,” said James J. Saccacio, chief executiveofficer of RealtyTrac. “Unemployment within the state is now at 5.9 percent, ahuge increase from its 4.6 percent figure of last year.”

 

Minnesota ranked 24th in thecountry in total properties with foreclosure filings for October. One in every858 Minnesota housing units received a foreclosure filing during the month,ranking 25th among the 50 states.

 

Hennepin accounts for most of state’s foreclosureactivity for October

Hennepin County led the state reporting 1,595properties with foreclosure filings for the month. Ramsey County came in secondhighest, reporting 244 properties with foreclosure filings. Dakota Countyranked third highest, reporting 145 properties with foreclosure filings. ScottCounty came in fourth place, documenting 122 properties with foreclosurefilings.

 

Hennepin County post state’s top foreclosure ratefor October

Hennepin Countyposted the highest foreclosure rate in Minnesotafor October, with one in every 311 housing units receiving a foreclosure filingduring the month — 2.8 times the state average. Scott Countydocumented the second highest foreclosure rate, where one in every 362 housingunits received a foreclosure filing — 2.4 times the state average. Faribault County registered the third highest foreclosurerate, where one in every 521 housing units received a foreclosure filing duringthe month — 1.7 times the state average.

 

State a minor contributor to nation’s foreclosure totalin October

Minnesota accounted for 1 percent of the 279,561properties with foreclosure filings reported nationwide in October. Thenational total represented an increase of more than 5 percent from the previousmonth but was almost 25 percent ahead of the total reported for October 2007.The nation’s foreclosure rate rose to one in every 452 U.S. housingunits receiving a foreclosure filing during the month.

 

Reportmethodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a countof the total number of properties with at least one foreclosure filing reportedduring the month — broken out by type of filing at the county, state andnational level. RealtyTrac’s report incorporates documents filed in all threephases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice ofForeclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties(that have been foreclosed on and repurchased by a bank). If more than oneforeclosure document is filed against a property during the month — which isextremely rare — only the most recent filing is counted in the report. Thereport also checks if the same type of document was filed against a property ina previous month. If so, and if that previous filing occurred within theestimated foreclosure timeframe for the state the property is in, the reportdoes not count the property in the current month.

 

For current news and information regarding foreclosure-related issues andtrends, check out our blog at www.ForeclosurePulse.com.

 

Minnesota ForeclosureMarket Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Minnesota

14

0

946

0

1,700

2,660

858

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

4

4

4,011

0.11

0.21

Anoka

2

0

12

0

41

55

2,242

0.20

0.38

Becker

0

0

2

0

1

3

6,075

0.07

0.14

Beltrami

0

0

0

0

1

1

18,388

0.02

0.05

Benton

0

0

0

0

2

2

8,018

0.06

0.11

Big Stone

0

0

0

0

1

1

3,269

0.14

0.26

Blue Earth

0

0

0

0

4

4

6,256

0.07

0.14

Brown

0

0

1

0

0

1

11,604

0.04

0.07

Carlton

0

0

1

0

4

5

3,064

0.15

0.28

Carver

0

0

2

0

11

13

2,509

0.18

0.34

Cass

0

0

2

0

2

4

6,296

0.07

0.14

Chippewa

0

0

1

0

1

2

2,992

0.15

0.29

Chisago

0

0

1

0

16

17

1,118

0.40

0.77

Clay

1

0

7

0

1

9

2,501

0.18

0.34

Clearwater

0

0

0

0

0

0

 n/a

0.00

0.00

Cook

0

0

0

0

0

0

 n/a

0.00

0.00

Cottonwood

0

0

0

0

1

1

5,434

0.08

0.16

Crow Wing

1

0

1

0

11

13

3,010

0.15

0.29

Dakota

1

0

4

0

140

145

1,059

0.43

0.81

Dodge

0

0

0

0

1

1

7,747

0.06

0.11

Douglas

0

0

1

0

3

4

4,922

0.09

0.17

Faribault

0

0

10

0

4

14

521

0.87

1.65

Fillmore

1

0

1

0

2

4

2,414

0.19

0.36

Freeborn

0

0

0

0

1

1

14,145

0.03

0.06

Goodhue

0

0

1

0

24

25

795

0.57

1.08

Grant

0

0

0

0

2

2

1,589

0.28

0.54

Hennepin

1

0

831

0

763

1,595

311

1.45

2.76

Houston

0

0

0

0

1

1

8,620

0.05

0.10

Hubbard

1

0

0

0

3

4

3,246

0.14

0.26

Isanti

0

0

3

0

7

10

1,538

0.29

0.56

Itasca

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

0

0

1

1

5,176

0.09

0.17

Kanabec

0

0

1

0

0

1

7,573

0.06

0.11

Kandiyohi

0

0

0

0

14

14

1,408

0.32

0.61

Kittson

0

0

0

0

0

0

 n/a

0.00

0.00

Koochiching

0

0

6

0

1

7

1,151

0.39

0.75

Lac Qui Parle

1

0

0

0

0

1

3,785

0.12

0.23

Lake

0

0

0

0

2

2

3,706

0.12

0.23

Lake Of The Woods

0

0

0

0

0

0

 n/a

0.00

0.00

Le Sueur

0

0

1

0

1

2

6,163

0.07

0.14

Lincoln

0

0

0

0

1

1

3,145

0.14

0.27

Lyon

0

0

5

0

1

6

1,826

0.25

0.47

Mahnomen

0

0

0

0

0

0

 n/a

0.00

0.00

Marshall

0

0

0

0

2

2

2,471

0.18

0.35

Martin

0

0

0

0

1

1

10,061

0.04

0.09

McLeod

0

0

1

0

2

3

5,187

0.09

0.17

Meeker

0

0

0

0

2

2

5,366

0.08

0.16

Mille Lacs

0

0

0

0

8

8

1,505

0.30

0.57

Morrison

0

0

1

0

2

3

5,246

0.09

0.16

Mower

0

0

0

0

4

4

4,236

0.11

0.20

Murray

0

0

0

0

0

0

 n/a

0.00

0.00

Nicollet

0

0

1

0

0

1

12,597

0.04

0.07

Nobles

0

0

0

0

0

0

 n/a

0.00

0.00

Norman

0

0

0

0

2

2

1,755

0.26

0.49

Olmsted

0

0

4

0

9

13

4,488

0.10

0.19

Otter Tail

0

0

0

0

8

8

4,437

0.10

0.19

Pennington

0

0

0

0

0

0

 n/a

0.00

0.00

Pine

0

0

1

0

5

6

2,759

0.16

0.31

Pipestone

0

0

1

0

0

1

4,506

0.10

0.19

Polk

0

0

0

0

1

1

14,630

0.03

0.06

Pope

0

0

1

0

0

1

6,377

0.07

0.13

Ramsey

1

0

16

0

227

244

876

0.52

0.98

Red Lake

0

0

0

0

0

0

 n/a

0.00

0.00

Redwood

0

0

0

0

1

1

7,335

0.06

0.12

Renville

0

0

0

0

0

0

 n/a

0.00

0.00

Rice

0

0

2

0

22

24

968

0.47

0.89

Rock

0

0

0

0

1

1

4,257

0.11

0.20

Roseau

0

0

0

0

0

0

 n/a

0.00

0.00

Saint Louis

0

0

1

0

47

48

2,071

0.22

0.41

Scott

0

0

4

0

118

122

362

1.25

2.37

Sherburne

2

0

1

0

30

33

940

0.48

0.91

Sibley

0

0

1

0

3

4

1,609

0.28

0.53

Stearns

0

0

4

0

10

14

4,203

0.11

0.20

Steele

0

0

1

0

3

4

3,683

0.12

0.23

Stevens

0

0

0

0

0

0

 n/a

0.00

0.00

Swift

0

0

0

0

0

0

 n/a

0.00

0.00

Todd

0

0

0

0

5

5

2,560

0.18

0.34

Traverse

0

0

0

0

0

0

 n/a

0.00

0.00

Wabasha

0

0

0

0

2

2

5,074

0.09

0.17

Wadena

0

0

0

0

1

1

6,759

0.07

0.13

Waseca

0

0

1

0

0

1

7,836

0.06

0.11

Washington

2

0

8

0

31

41

2,124

0.21

0.40

Watonwan

0

0

0

0

2

2

2,568

0.18

0.33

Wilkin

0

0

0

0

3

3

1,083

0.42

0.79

Winona

0

0

0

0

0

0

 n/a

0.00

0.00

Wright

0

0

3

0

75

78

599

0.75

1.43

Yellow Medicine

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

Rankedas the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastestgrowing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosureproperties, providing all the resources that home seekers, investors and realestate agents need to locate, evaluate and buy properties below market value.

 

Foundedin 1996, RealtyTrac publishes the largest and most comprehensive nationaldatabase of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes,with more than 1.3 million properties across the country, property reports,productivity tools and extensive professional resources. RealtyTrac hostsnearly 3 million unique visitors monthly and has been chosen to supplyforeclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal.For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved